Gray divorce, or divorce involving older individuals, is on the rise across California and the rest of the United States. If you find yourself among those splitting from their spouses later in life, you may be making efforts to prepare for the future and get a grip on your financial big picture.
When you go through a divorce at an older age, you may have concerns and priorities that are quite different than those faced by younger people navigating divorces. For example, you may not have plans to reenter the workforce. You may also have concerns about whether you have enough to get by during retirement. For these and other reasons, consider taking the following financial steps while working through your divorce.
Look for opportunities to cut costs
The more you and your spouse disagree during your divorce, the more expensive it may be. Avoid fighting over every last item or asset simply because you want to “win” or make trouble for your ex. If you and your ex are able to agree on some matters without going to court, do so. When it comes to court, time is money, so the less time you spend there, the better.
Make retirement a priority
As a gray divorcee, you may be looking at retiring in a matter of months, rather than years or even decades. Make sure you give proper consideration to saving enough funds for retirement because you have limited options once your split becomes official.
Divorce is rarely easy regardless of when you go through it. However, by taking these steps, you may be able to reduce the chances of your divorce taking a serious hit on you financially.